So Telecom Eireann is finally ready for flotation. Not that we should lose sight of the fact that the taxpayer has had to take the hit for righting some of the wrongs of a previous era, but then that is the plight of the taxpayer in dealings with State-sponsored bodies. At least, the threat of competition has forced Telecom to get its house in order and reduce its cost structure and its debt - down to a paltry £148 million from the dizzying heights of £1 billion only five years ago.

Pre-tax profits of £94 million reflect a group which can afford to pay £361 million investing in infrastructure without resorting to debt. Turnover is also up 6 per cent, despite falling rates to consumers. In addition, the group has a windfall of £394 million from the sale of its 75 per cent share of Cablelink - more than double initial estimates.

All in all, while the headline figures may have shown a dramatic fall in profits, Telecom goes into the flotation as a better bet for investors and a leaner, more efficient operator for its customers.